Why governments can not stop Bitcoin

Why governments can not stop Bitcoin

Stop biting bitcoin. Crypto coins need no government or monetary masters to handle themselves, as the coin's power is the power of the community, Colin van Gijn argues that Crypototrader.nl
Bitcoin's foundation and great strength lies in the fact that two people can carry out a transaction without the need for a third party (the banks)


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Centralized exchanges, such as banks or exchanges, can delay or stop trading of cryptos, centralized exchanges can also be hacked or compromised by an unwelcome government, but will never be able to prevent the bitcoin revolution. We have to look at them with suspicion.

A chain is as strong as its weakest link and at the moment, the hinges where crypto points come into contact with the "real" world, with banks, trading houses, or another institution that has to link the old monetary world to the New Utopia, where these annoying intermediaries are good at the end of their life and are being added to the museum of money.

But the old forces still have power over things they do not have anything to do with it. Centralized exchanges allow administrators to fraudulent with the funds of the exchange's clients they manage, you are making your bitcoins to the Exchange, and from that time they also manage the private keys of these bitcoins. Or (even worse): Internet barkers who know how to bump exchange to rob your bitcoins.

Whatever happens to crypto trading platforms is to issue bitcoins that they do not at all because they know that not all account holders will pick up their Bitcoin at the same time.

Where do we know about this? Exactly. Do you remember the 2008 crisis? The economy crashed because too many unsecured (mainly mortgage) checks were written out. The remedy was not to clean up the system, no the central banks took out the cashbook and simply wrote uncovered huge amounts of money.

That is not going well. Bitcoin is fighting against the last conservative forces. There are now several payment solutions on the market in the form of pre-loaded bitcoin credit cards that allow you to pay everywhere and the fiat amount on the real-time Bitcoin rate, thus keeping the benefit of a possible increase in value of the bitcoin.

With the closure of a number of centralized Chinese crypt exchanges, there is a clear shift from trade to decentralized exchanges such as Bitshares, Open Ledger, Ether Delta, Waves DEX or OTC at localbitcoins.com. These exchanges do not have a bank account to freeze or manager to threaten, but function as the Bitcoin is meant to be: inviolable on the Blockchain.

Then we also have Atomic swaps, this technology is still in the experimental phase, but the outlook is good. Atomic swaps make two people each other a transaction that operates the digital signatures of the portfolios as an escrow (notary) Both parties are 100% confident that the transaction will be approved by both parties. This way you keep your private keys at your own risk and run much less risk.

Governments are there to guide and protect its citizens and to protect society from crime. Big question is now: how do governments respond to groundbreaking technology? But first there will be a lot of pain and a (gigantic) number of bodies will fall out of the box when switching to blockchain. The financial distortions of the past are no longer hidden and a reset of the market is not unthinkable. You need to know it yourself, but it may be different.

Trust is good, bitcoin is better.

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